Wells Fargo recruits $400M team from Merrill

A team of advisers overseeing $400 million in client assets left Merrill Lynch last month to open a practice with Wells Fargo Advisors Financial Network, the bank's independent brokerage arm. Robert Duncan, Bradley Newman, and Zachary Breverman opened Duncan-Newman Associates in Agoura Hills, Calif. In explaining his reason for leaving Merrill, Mr. Newman said Tuesday, “It mainly came down to wanting freedom to make decisions in the best interest of clients, and FiNet offered the opportunity to do that with thebacking of a big firm like Wells Fargo.” Merrill Lynch did not immediately comment on the move. Wells Fargo Advisors Financial Network picked up two other adviser teams earlier this summer. James Martin and Brad Seagraves left Morgan Stanley to open Martin Seagraves Wealth Management in Little Rock, Ark., bringing with them $101 million in client assets. Chris Jones and Dan Hoffe left JP Morgan to join Capstan Financial Consulting Group in Sarasota, Fla, bringing with them $280 million in new client assets to the firm.